Continued from
previous post -
Before we go into
the details of this problem, let us first look to the history of
modern economic science. It all began when Sir Adam Smith wrote his
revolutionary treatise on science of economics. The Wealth of
nations was that book. David
Ricardo and Karl
Marx added to that exposition of this vital subject. After
this first generation of economists came second generation of
economists lead by John
Maynard Keynes and Milton
Friedman and many more in the twentieth century.
First generation economists were exposing that aspect of economy,
which concerned ordinary men and hard work. By that, economic growth
was slow and natural. This was not enough for the economists of next
generation of Kaynard and Milton Friedman. They wanted to make money
fast and without mush efforts. Obviously, that led this generation of
economists to indulge in gambling. The stock market that was
investment market during first generation of economists was gradually
converted in gambling market. Adam Smith and his followers espoused
what is economics according to the rules of nature such as demand and
supply. The earning capacity in this was slow and for those greedy
this was not enough. Therefore, under Kaynard and his followers
introduced something that was away from natural economics. They
introduced various theories based on so-called market research
findings and came up with many notions those encouraged forward
trading, speculations and gambling tendencies amongst market people.
We consider Adam Smith's school of economics as natural economics and
that introduced by Kaynard and others as gambling economics. There
were many advantages in gambler economics such as if properly played
player can make quick money and grow rich overnight. That was not
possible in natural economics of Adam Smith. Without much effort,
they wanted to make a lot of money by playing in markets by
speculative investments, forward trading et cetera. Human nature that
espouses greed and desire for money without efforts helped it grow
and natural economics was sidetracked.
India had been
practicing Adam Smith's school of economics since early times. Until
First World War, most countries were also controlled by this school
of economics. However, due to economic crunch that followed the War
many smart people including Kaynard and more in his line began to
advocate for gambling as mainstream practice. Somehow, nations were
convinced of the need for it and all, important countries such as USA
accepted it as their mainstream economic practice. India
nevertheless, continued to stick to Adam Smith School of economics
until 1990. However, due to pressure from gambling lobbies from USA
we began to mould our economic practices according to that artificial
economy suggested and enforced by economists from Kaynard and his
type of economists. Today whole world is suffering due to this wrong
practice. USA has been in turmoil ever since they accepted it but the
pressure group of gambler economists continues to force USA and most
other countries to follow it. Principle disadvantages are gap in rich
and poor keeps growing, much money remains in hands of a handful
people and most commoners are left with no money. Due to continuous
fallout of depressions and inflations in markets, purchasing power of
currency keeps on falling, gold control was removed, Dollar became
main currency, introduction of FOREX, and gamblers have hay time at
FOREX where they can manipulate with values of many currencies and
continue to hold countries by artificially reducing its value at
FOREX. Demand and supply is no more the ruling principle in market.
Playing with interest rates of depositors and borrowers has been one
of the most crucial strategies of these gambler economists. To make
things easy they skillfully sidetracked GDS and made only GDP as an
important ratio.
Continues in next
post.
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